AGEL has refinanced its $1.06 billion Construction Facility for its Rajasthan located solar-wind hybrid project
The 19-year financing is aligned with the asset’s lifespan, which AGEL terms as the largest solar-wind hybrid project in India
The management says this provides AGEL with financial stability to focus on the company’s growth
Adani Group’s renewable energy arm Adani Green Energy Limited (AGEL) has announced refinancing of its $1.06 billion Construction Facility, initially taken in 2021, for India’s ‘largest’ solar-wind hybrid project in Rajasthan. The new long-term financing has a 19-year tenor with a fully amortized debt structure, aligning with the asset's lifespan.
The refinancing, explained AGEL, provides the company with significant benefits through deep access to diverse pools of capital to secure large sums with long duration. It marks the completion of the company’s capital management program for the underlying asset portfolio.
“This approach not only enhances financial stability but also ensures AGEL’s ability to continue its growth trajectory and deliver sustainable value creation to its stakeholders,” stated the management.
Operating a renewable energy portfolio of 12.34 GW, AGEL targets to achieve a capacity of 50 GW by 2030. It is also developing the world’s largest renewable energy plant with 30 GW installed capacity on barren wasteland in Khavda, Gujarat.
AGEL claims it contributed to 15% of nationwide new solar capacity and 12% of new wind installations in 2024, while growing its cash profit by 23% year-on-year (YoY) to INR 3.63 billion in Q3 FY2025 (period ending December 31, 2024).
In 2024, AGEL raised $400 million from a consortium of 5 international banks to advance 750 MW solar PV capacity in India (see Adani Green Energy Limited Raises $400 Million Financing).
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